The distinction that is made in reading 4.3 between owners and employees is the capital and labor. For example, the text states “the owning class live mostly off investments, which include stocks, bonds, rents, mineral royalties, and other property income.” and “employees live mostly off wages, salaries, and fees.” Owners possess the power and ability to make decisions that impact the economy and the lives of employees. Employees unfortunately do not have this power and depend on their jobs to earn a living, making little to no decisions within their workplace.
The way I decipher the quote by Adam Smith on pg. 28 is that labor is more valuable than money itself. Money is the end goal but labor is what drives economic growth. Wealth is built off of the labor of people working in various industries contributing to productivity.
My thoughts on the main argument of Reading 4.4 that class is not an identity is, class should not be seen in the same regard as gender or race. It should be referred to as a “structural position” because things like race and gender are inherently our identity and determine how we navigate through life. Structural position determines an individual’s place in society while taking their identity components into account.
Close form of dependency refers to the relationship that exists between the owning class and employees. For example, the text states, “the socialist theory of class… highlights that workers depend on capitalists for employment, but capitalists also depend on workers to produce the wealth from which they generate profits.” This shows that owners depend on employees to produce goods and services that will in turn make profits, while employees depend on owners to provide employment and wages.
